Often, there is one spouse in a marriage that handles the majority of the finances. But during a divorce it is important for both spouses to have an understanding of all that is involved with the family finances. Through the process of divorcing, your marital assets and debts will be examined to determine what is a fair division. And knowing your financial obligation is as important as understanding what marital assets are to be divided. This is the information that will be examined to reach an equitable settlement with your spouse and in determining each spouse’s separate financial budgets moving forward.
Other factors, such as child custody/visitation schedule, spousal support and child support will also be factors in what each spouse’s financial picture will look like post marriage. Your attorney will work with you to determine all of these numbers. But ultimately, it is each spouse’s responsibility to plan for their financial future. Thus, in negotiations with your ex-spouse, you will want to be sure you have a clear picture of the numbers. At Buncher Family Law we often recommend clients work with a financial advisor to get a deeper understanding on managing their money. Most think that once the divorce is over, they no longer need to pay attention to these issues. However, it is extremely important to plan wisely and stay on top of finances post-divorce.
It is common for a Marital Judgment to address issues such as who will pay the credit card debt, how will the assets of the sale of the family home be split, and how will the future payment of a retirement pension fund work. It is a best practice to assure that your name is removed from any accounts you are no longer liable for and that you track the progress of such activities post marriage.
One should plan for the unexpected such as the needs of the children changing and how that might affect child support, the future termination of spousal support, and/or the continued payment of the mortgage until the marital home sells. It is highly recommended that you run a credit report annually assuring that your financial obligations are in order and that your ex-spouse has not inadvertently done something which will impact your credit. The bottom line is there are many reasons why it is so important to take the right financial steps before, during, and after a divorce.
At Buncher Family Law our attorneys will help you to figure out your financial picture and can point you in the direction of other professionals who can assist you with managing your financial future as you move towards a new beginning.